Haddad says Lula will act as investment controller at Petrobras

The minister says that directing the state company’s investments, for example, towards ecological transformation, does not seem like government intervention in society

BRASILIA-IL Minister of Finance, Fernando Haddaddeclared on Wednesday 27th that the president Luiz Inácio Lula da Silva will act as data controller Petrobras, both in relation to pricing and investment policy, so that the company invests more in an ecological transformation plan, for example. The statement was made in an interview with CNN.

The minister’s assessment is that directing Petrobras’ investments, as in the example of ecological transformation, does not seem like an intervention in the state company. When questioned about other companies, he stated that in the case of Eletrobras, discussing the union’s representation on the board of directors is not abnormal and does not even constitute an intervention.

Haddad said Treasury’s role is to contribute to a good business environment in the country, which includes calming market feelings when it comes to government actions with state-owned companies.

Economic guidelines

The finance minister said Congress’ economic agendas would move forward into 2024. “Everything is moving forward,” he said, without specifying the plans. When asked about the impact of municipal elections on the advancement of these issues, such as income tax reform, Haddad said that Treasury does not control the election calendar and that the Department is dedicated to formatting the texts of income tax reform regulations consumption.

These texts must be delivered to Congress in the first half of April. He said he believes the regulation can be approved in the House in the first half of the year and that he sees room for the advancement of other texts on the microeconomic agenda.

Haddad reiterated that Treasury has a good relationship with Congress, a direct line, and warned that there is concern only when polarization jeopardizes issues crucial to the country’s future, such as consumer tax reform. He recalled the pressure from the opposition to block the progress of the text, which ended up being approved and promulgated in 2023.

Growth in 2024

Haddad said Brazil’s economy will grow more in 2024 than Pasta forecast, currently at 2.2%. “Our technicians will have to review the projections, I doubt that Brazil will grow very little,” he said.

Haddad commented that he does not see much uncertainty on the short-term horizon for the conduct of monetary policy and that the trend is for the external environment to improve by the middle of the year. In Brazil, he cites cooling inflation, especially in the food sector, and a window of opportunity for a positive growth cycle.

Source: Terra

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